On behalf of Stange Law Firm, PC posted in Divorce/Separation on Friday, April 19, 2019.
Divorce is rarely easy, but divorces can be especially complex for people with a high net worth. This is because wealthy individuals tend to own complex assets.
In all divorces, the parties must divide their marital property. Missouri and most other states follow a standard known as “equitable division.” This means that the division of property must meet legal guidelines of fairness. In some cases, this can be accomplished by little more than splitting bank accounts, selling property and dividing the proceeds.
By contrast, a high net-worth divorce may include the division of real estate, business interests, a professional practice, investment accounts, deferred income and pensions and other complex property. Some of these assets cannot be easily divided. A professional must analyze assets such as retirement accounts or stock options in order to set a value to them before the parties can begin to negotiate a way to divide that value. Additional considerations may also need to be taken into account related to the couple’s standard of living, taxes or prenuptial agreements.
Another important consideration to be aware of in high asset divorce is hidden assets. It is important to know where and how to look. Valuation experts, financial experts and others may be needed to help understand the couple’s portfolio of assets and ensure it is valuated properly. This can help determine that the interests and needs of the divorcing couple are met through the process to ensure they can leave their marriage with as positive a financial future as possible.
People going through a divorce should be familiar with how the legal process can help them reach a fair property settlement agreement. If you have questions regarding your divorce, you should contact a family law attorney to help.